India's Esser Oil Increases Iranian Imports

India’s privately owned Esser Oil has reportedly increased imports of Iranian oil by one-third in July and has renewed its deal with Iran for the purchase of 100,000 bdp in 2012-2013.

Despite the new deal with Iran, the company, which operates as a private refinery, said it would cut Iranian imports by 15% in accordance with a government directive.

Since April this year, Esser Oil has imported over 100,000 bpd from Iran, at a time when India’s overall imports of Iranian oil fell by more than 40% in July, with the onset of new US sanctions and the European Union’s decision to implement its own sanctions on 1 July.